X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Taking into account a low inventory of industrial structures in the area, 4630 South 33rd Street, LLC, headed by Phoenix businessman Jay Donkersloot, has purchased a 26,996-sf industrial building from Fox/UTV Holdings Inc. of Phoenix for $1.45 million.

According to Mark Detmer, vice president with Trammell Crow Company’s Phoenix office, the closing price was close to the seller’s ask. “The key to this whole deal is that there’s very little inventory of this type of property available,” says Detmer, who, with TC’s Bo Mills, represented Donkersloot’s company in the deal. Pat Harlan of Cushman and Wakefield of Arizona Inc.’s Phoenix offices brokered the deal on behalf of the seller.

“Land prices have increased. Construction costs have increased. So, it makes more sense to try to buy and redevelop existing product that may be overbuilt and to make it work that way,” Detmer tells GlobeSt.com, adding he is uncertain about Donkersloot’s plans for the property at 4630 S. 33rd St. Fox/UTV Holdings brought the asset to market after Fox News acquired United Television and consolidated operations to another area in Phoenix.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.